Re: Multi million pound offer.......

By Arthur21/12/2020 19:29Mon Dec 21 19:29:40 2020In response to Re: Multi million pound offer.......

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Indeed, a multi-million pound offer has been made. The offer is at the latest commercial value for the land. It has been made to secure the footballing future for a club with a very long history. Longer than either the Thames Club nd Downings LLP. I am not a qualified surveyor, nor civil engineer, but my working experience does include a long time (25 years plus) with the Costain Group. I also am fully aware the press and TV documentaries, of the anguish caused to people from living in properties liable to flood damage. The difficulties with insurance, the infrastructure etc. I am also aware, from my accountancy background that assets must be recorded at the lower of cost, or net realisable value. If the carrying value of the freehold in the books of the Thames Club exceeds the current valuation (offered by the football club) the the assets should be written down in the books of the Thames Club. It should be noted that companies were afforded a 3 month extension for filing their accounts. The Thames Club 2019 accounts are yet to be file. The filing deadline is 31 December. The accounts must reflect the company's position at the filing date. They need to recognise the adverse trading conditions that have affected the Thames Club in the pandemic, including the fact that they are closed again for the foreseeable future. This should also reflect the fact they have struggled to produce any profits since they started trading. I would be very worried if any advisors had asked me to invest in the Thames Club and to see the value of my investments shrink. The sensible option would be to accept the offer made by there football club to at least repay a part of there investment.

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